Description

Textbook

This textbook is geared towards first-year students in business programs who seek a sound understanding of economic reasoning without being bogged down by theoretical aspects relevant only to those intending to pursue studies in economics.

The first part of the book explains how markets operate and how they are ultimately shaped by individual decisions of firms and consumers. It covers topics such as gains from trade and price formation in different market environments. Building upon that knowledge, the second part focuses on business decisions such as behaving strategically in the presence of competitors, making decisions under uncertainty, and dealing with asymmetric information.

Students who master the contents of this book will be at a significant advantage in understanding the “big picture” of business environments.

Workbook

This workbook is a companion to Microeconomics – An introduction for business students. It outlines the contents of the textbook in a format that is conducive to taking notes. Answers to exercises found in the textbook are also provided.

The set includes: textbook (286 pages) and workbook (160 pages)

Table des matières

Chapter 1: Gains from Trade

Introduction

Utility and
valuation

One buyer,
one seller: The sale of one item

One buyer,
one seller: The sale of several identical items

Gains from
trade

Efficiency

Discussions

Conclusion

Appendix:
From utility to valuation

Chapter 1 exercises

Chapter 2: Demand

Introduction

Individual
demand

Market
demand

Elasticities

Conclusion

Chapter 2 exercises

Chapter 3: Firms, costs, and profit

Introduction

Firms

Costs

Profit
maximization

Conclusion

Chapter 3 exercises

Chapter 4: Competitive Supply

Introduction

Perfect
competition

Profit
maximization in a competitive market

Shutdown
decision and supply in the short run

Shutdown
decision and supply in the long run

Conclusion

Chapter 4 exercises

Chapter 5: Market Equilibrium

Introduction

Market
equilibrium

Shocking
the equilibrium

Welfare
considerations

Conclusion

Chapter 5 exercises

Chapter 6: Monopoly and Market Power

Introduction

Monopoly

Profit
maximization: a trade-off between price margin and volume of sales